CUHK Centre for Family Business

"英國稅改'猛如虎'，斯諾克傳奇奧沙利文移居香港：內地富豪投資出海的最新觀察” 作者：余亮恆 Harry Yu 香港中文大學家族企業研究中心， 理事   自2021年6月29日香港投資推廣署成立FamilyOfficeHK團隊以來，香港積極定位為全球家族辦公室的樞紐，通過政策支援吸引超高凈值家庭和跨國企業。 本文將深入探討香港在全球財富管理中的戰略角色，從英國稅改到中國稅務居民身份的定義，分析全球稅收變化如何推動高凈值人群重新審視其財富管理策略，並探討香港作為全球財富管理中心的優勢、潛在挑戰及未來發展前景。 出處：https://lnkd.in/gSxQgfey  

Philanthropy is no longer an Afterthought‼️ Nowadays, many family businesses have chosen to devote themselves to #philanthropy. Through philanthropy, family businesses can utilize their governance structure and management resources to create meaningful #socialimpact and promote sustainable economic development✅. The family office should establish philanthropic goals consistent with the family's philosophy, which requires cross-generational communication. Therefore, philanthropy needs to be continually integrated into the succession planning of the family business, which is the perfect place for the next generation to learn about the family's values and responsibilities✨. 🌟HK4Families - Family Philanthropy for Community Economic Development🌟 We are honored to have James Cunningham, Director of Strategy, Innovation and Sustainability, Speed Sourcing Hong Kong, James Thomson-Sakhrani, Managing Director of The Amber Foundation, and Marco Poon, Director of #HKCPCCYA Economic Development Committee to share their insights about the the planning of philanthropy and impact investment in family businesses. Register Now‼️ https://lnkd.in/g6a3643V 📅 Date: 14 November, 2024 (Thursday) 🕓 Time: 16:30 - 18:30 🏢 Venue: 41/F, One Taikoo Place, 979 King's Road, Quarry Bay, Hong Kong #CUHK #CUHKCFB #FamilyBusiness #FamilyOffice #HK4Families #PASS

【Highlights from the North America Family Office Report 2024】 A recent report by Campden Wealth in collaboration with RBC Wealth Management has unveiled the evolving landscape of family offices in North America. After surveying 183 family offices, the **North America Family Office Report 2024** reveals significant trends and challenges shaping the sector. Optimistic Outlook: North American family offices are navigating 2024 with confidence, with **80%** actively engaged in the inter-generational transfer of wealth. While only **20%** have completed this transition, an impressive **60%** anticipate it will be finalized within the next decade. Investment Trends: More than **40%** expect returns exceeding **10%** this year, driven by growth equities and private markets, particularly in **AI** and **healthcare**. However, concerns regarding **inflation** and **interest rates** remain prevalent. Challenges Ahead: Family offices face hurdles such as reliance on spreadsheets, recruitment difficulties, and the uncertain future of **U.S. commercial real estate**. Interestingly, **54%** of respondents expressed concerns that the next generation is unprepared for leadership roles. Philanthropic Commitment: A robust **three-quarters** of family offices are making significant contributions to charitable causes, averaging **$10 million**, with a focus on **education**, **healthcare**, and **community development**. The North America Family Office Report 2024 emphasizes the balance between opportunity and challenge as family offices strive to effectively manage wealth across generations. #CUHK #CUHKCFB #FamilyBusiness #FamilyOffice #WealthManagement #Philanthropy #InvestmentTrends #Leadership #NorthAmerica

Not Just a Seminar, but a Platform for Action🙌 Do you know!? Hong Kong 🇭🇰 possesses several unique advantages to becoming a regional philanthropic center. As an international financial center, Hong Kong's global connectivity can enhance collaboration with international charities, thereby strengthening sustainable community economic development🤩. How can family philanthropic resources be utilized? How can regulation be strengthened to enhance transparency? How to innovate the development of the community economy?  Join us in discovering solutions👉 https://lnkd.in/g6a3643V HK4Families Seminar 7 - Family Philanthropy for Community Economic Development 📅 Date: 14 November, 2024 (Thursday) 🕓 Time: 16:30 - 18:30 🏢 Venue: 42/F, One Taikoo Place, 979 King's Road, Quarry Bay, Hong Kong #CUHK #CUHKCFB #FamilyBusiness #FamilyOffice #Philanthropy #EconomicDevelopment #HK4Families #PASS

【Italy's Oldest Bell Family Business Since 1339】 Some may be unfamiliar with the Marinelli family, but Marinelli made the last bell hanging on the Leaning Tower of Pisa. In 1339, Nicodemus Marinelli Campanarus signed the first official Marinelli bell. Today, the Marinelli family business continues to craft bells with ancestral techniques. They have also established a museum to showcase much of the company's storied history—a remarkable exhibition featuring over 1,000 large bells and numerous smaller ones. The continuity of the Marinelli family's bell-making enterprise is extraordinary, not just because of its endurance over the centuries but also because of the transient nature of the bell-making process itself. Until the mid-20th century, the Marinellis did not always work from a single location. Often, they had to construct a temporary foundry near the new bell tower. The family thus relocated from town to town, occasionally settling in modest accommodations for months before moving on to the next destination. Today, the Marinelli family business is led by the brothers Armando and Pasquale, the 26th generation of the family. What has enabled the Marinelli family to sustain their remarkable 800-year legacy? Source: https://lnkd.in/d62zTME  https://lnkd.in/g3RBRGvi Photo source: https://lnkd.in/d62zTME #CUHK #CUHKCFB #FamilyBusiness #FamilyOffice #Marinelli #Bell #Italy 

In preparation for the finale of HK4Families, I met up with one of the earliest supporters of the founding of Centre for Family Business. Mr. John Mok, Chairman of AML Holdings Ltd, and Council Member and SME Committee Chairman of The Hong Kong Institute of Directors shared his view of single family offices governance and the journey that shaped form of integrating family Education as part of its governance, including the ratio of shareholders, the decision-making process based on the ratio of family and external funding for new projects, and used a chair as the analogy to enhance business sustainability. A funny comment came up as we were walking back to his family office; I found the comment to be very special for John. “Yes, I am going back to the Family Office now,” he says, “Because even if I don't intend to work at the business office, my aura still lurks when I am there and I don’t want that affecting the business operations." Mr. John Mok will be one of our panelists for our HK4Familiies conference to be held between 24-25 January at Tai Kwun JC Cube, Central, under the topic of family office governance. - Marshall Jen #CUHK #CUHKCFB #FamilyBusiness #FamilyOffice #HK4Families #Conference #PASS

【Driscoll's, the largest berry company in the world】 Driscoll’s is a prominent US company controlling almost 1/3 of the US$6 billion U.S. berry market, including 60% of the organic strawberry market, 46% of blackberries, 14% of blueberries, and nearly every raspberry that isn't picked by consumers themselves. Under the leadership of Miles and Garland Reiter, the fourth generation of the family business, the Reiter family owns around 70% of the business. Their commitment to quality and innovation has not only solidified Driscoll’s reputation but also transformed the way berries are produced and enjoyed across the nation.  The Reiter Family's journey in agriculture began on the San Francisco Bay Peninsula and evolved through the 1900s as they migrated south into Watsonville and the Santa Clara Valley. It was here that Miles and Garland's grandfather, alongside his cousin, initiated the cultivation of their own Sweet Briar strawberry varieties. After World War II, the family established their respective companies and began marketing strawberries under the Driscoll Strawberry Associates label, collaborating with other families and suppliers. Their father, Joseph Reiter, further expanded the business by exploring new agricultural territories while grooming Miles and Garland as the next generation of berry leaders.  Upon graduation, Miles dove headfirst into the family business and established himself as a reputable strawberry farmer. However, life took a tragic turn when the brothers lost both parents in a plane crash, thrusting them into a pivotal decision: to transform the family business model and disrupt the agricultural industry.   How did the brothers save the company from a tragic leadership crisis? Source: https://lnkd.in/evSYxafX https://lnkd.in/gNMjTx9g #CUHK #CUHKCFB #FamilyBusiness #FamilyOffice #ReiterFamily #Driscoll's Driscoll's UK Driscoll's Australia Driscoll's EMEADriscoll's Latinoamérica

【Don't Overlook the Importance of Social Capital】 Family business succession is a complex and challenging process, and one of the biggest challenges lies in the ability to retain, use, and increase the family's existing tangible and intangible resources🙌. In this context, #SocialCapital is a valuable resource that family members have invested in over time. The successful retention and development of social capital across the family business continuum will be critical to the long-term viability of small and medium-sized family businesses. Family businesses can leverage social network partners to access additional industry and market knowledge📖, which can then be used to innovate goods or business models and improve operational performance. As a result, the most crucial aspect of a sustainable family business is how to smoothly transfer social network resources from the incumbent to the successor, allowing the successor to grow social capital. While the smooth transfer of social network resources can bring many benefits, it also brings some challenges. It has been proposed that a soft and planned transfer of social network resources is determined by the successor's subjective relevance to the family business's performance, as well as the external network partners' appraisal and trust in the successor's ability and expertise. Each family business can plan its succession based on the composition and pace of its family members, transferring, integrating, and accumulating the social network resources required for future growth📈. #CUHK #CUHKCFB #FamilyBusiness #FamilyOffice #SocialCapital #BusinessModel

【Redefining Hong Kong Series 2024】 We are proud to have participated as a strategic partner in the Redefining Hong Kong Series 2024, organized by 南華早報. This year's series explored Navigating the Evolving Landscape of Family Offices in Hong Kong & Mainland China. Through insightful panel discussions, panelists shared their knowledge and expertise on Building a Fortress: Establishing a Robust Governance Framework for Your Family Office hosted by Prof. Marshall Jen. In this session, Mahesh Harilela, Jennifer Tan Su, Hampton T., and Christian Stewart draw upon real-life family case studies to examine the distinct governance challenges that multi-family offices encounter, contrasting these with the issues faced by single-family offices. Their analysis provides a comprehensive understanding of the complexities inherent in multi-family office governance and valuable insights for industry practitioners. We are grateful for being part of the event and look forward to continuing our collaboration with SCMP and other strategic partners to empower family businesses in Hong Kong. #CUHK #CUHKCFB #FamilyBusiness #FamilyOffice #SCMP #RedefiningHongKong

We will build a conduit between Hong Kong and Shanghai so that families and professionals in the mainland can interact and exchange with their Hong Kong and international counterparts more readily